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A rental application is a form used by landlords to screen potential tenants for a rental unit. It collects personal information and typically grants consent to conduct background checks and obtain consumer reports. The video tutorial covers the importance of rental applications for landlords, including what information to include, application fees, and potential red flags for tenants. It emphasizes that rental applications help filter out less serious applicants and provide assurance of the applicant's ability to afford the rent. Viewers are encouraged to download a rental application template and subscribe for more legal document resources from e-forms.